Cypriots reject EU deal, crisis continues

The Cypriot government has overwhelmingly voted against a deal to bailout country's banks. Not a single MP supported the financial bailout package designed by international lenders. The bailout is deeply unpopular because it involves a levy on bank deposits. The debt crisis remains though, so emergency talks are now scheduled for Wednesday to save the country from going broke.

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TANYA NOLAN: Big question marks hang over the Cyprus economy today after a proposed bailout package was overwhelmingly rejected by the nation's parliament.

Not a single MP supported the financial bailout package designed by international lenders and involving a deeply unpopular levy on bank deposits.

Once word got out, there were jubilant scenes outside the parliament in Nicosia.

But the relief felt by Cypriots may be short lived.

Here's finance reporter David Taylor.

(Loud chanting crowd)

DAVID TAYLOR: There was an enormous backlash after Cypriots learned they were about to lose some of their savings.

But international lenders have insisted the people of Cyprus will have to pay for the 10 billion euro bailout.

The backlash was so strong though a revised bill was put before parliament overnight.